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Could These 2 States Go Tax-Free Soon?

No one likes paying income tax, but many people pay tax twice:
once to the federal government and once to their state. Yet seven
states have no state income tax, and two more are thinking about
joining that group by eliminating their state income tax
provisions.

In the following video, Dan Caplinger, The Motley Fool's
director of investment planning, looks at the provisions that
Georgia and South Carolina are discussing to get rid of their
state income taxes. Dan notes that competitive pressure plays a
factor in income-tax structures, with Georgia bordering both
tax-free Florida and Tennessee, which has no income tax except on
investment income, and South Carolina located close to both of
those states. But Dan goes on to discuss the concerns that some
have with the proposals, including the need to raise tax revenue
from other sources or find spending cuts. Dan concludes that with
so many distributional issues, it could be a while before either
state actually pulls the trigger and eliminates state income
taxes for good.

Is Uncle Sam about to claim 40% of your hard-earned
assets?
Thanks to a 2013 law called the American Taxpayer Relief Act,
or ATRA, he can, and will, if you aren't properly prepared.

Fortunately, The Motley Fool recently uncovered an arsenal
of little-known loopholes to protect yourself from ATRA and
help keep the taxman at bay when he inevitably comes calling.
We reveal them all in a brand-new special report. Simply click
the following link below for instant, 100% free access.

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